Steve Grasso: Sprint So Bad, Its Good?

Sprint was among the handful of stocks that landed on the Fast Money trader radar Thursday. Also the gang was looking at Cisco and Netflix. What must you know?

Sprint

Sprint reported its fifteenth consecutive quarterly loss, which sent investors running for the exits.

Largely the Street didn’t like hearing Sprint lost about 101,000 subscribers in the quarter, which was much great than the average estimates of 15,000, according to Reuters.

And looking at the numbers, the company's loss widened to $847 million, or 28 cents per share, from $760 million, or 25 cents a share, a year earlier.

Yet trader Steve Grasso thinks the stock is a buy - a case of it's so bad, its good.

“At this level I would be a buyer,” he says. First and foremost, ”I haven’t met anyone who dislikes the Sprint service.”

But customer satisfaction aside, Grasso expects a few specific bullish catalysts to drive shares in the weeks and months ahead.

“Sprint is rumored to get the iPhone in the next couple months. That should change the dynamic a little bit,” he says.

But perhaps more noteworthy Grasso says Sprint makes the only phone with the NFC chip which enables Google wallet – "if you think the world is going to that kind of technology – the low $4’s is a great entry point "

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Cisco

Cisco also landed on the trader radar after Goldman Sachs raised its 12-month price target on the networking giant by 34 percent to $21 Thursday, and upgraded the company to "buy" from "neutral."

Is now the time to get long?

Three of the Fast Money traders don’t agree with Goldman.

Trader Guy Adami calls Cisco "still a little bit of a disaster. I think a $15 handle is left in this stock,” he says. Steve Grasso is also bearish and trader Patty Edwards adds “the stock isn’t cheap enough given all the issues they have.”

Only trader Steve Cortes is intrigued. Looking at technicals he says, “If Cisco holds $15 it looks interesting,” however Cortes concedes fundamentally that the company faces headwinds given the growing austerity in state and local governments. However, when push comes to shove, Cortes says, “if Cisco trades $15.50 I’d pull the trigger.”

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Netflix

Netflix is another stock the pros are watching after rival Amazon inked a video streaming deal with NBC Universal today.

Combined with a similar deal struck last week with CBS, Amazon expects to have more than 8,000 movies and TV shows available this summer on its prime service.

What’s the trade?

Despite a slew of negative fundamentals, looking at the technicals Guy Adami thinks Netflix remains "in a pretty well defined up-trend. I know valuations are extraordinary but the chart is not broken."

Steve Cortes just can't get behind Netflix. "Between the two companies mentioned above I’d bet on Amazon," he says.

Call of the Day: Cisco

The Fast Money traders weigh in with trades on Cisco, Sprint, and Netflix, and the best way to play the markets ahead of tonight's key House vote, with Dennis Gartman, The Gartman Letter.

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